Economy

Jan
20
2025
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By Abia ThinkTank
Dangote Partners 3 Petrol Stations, Announces New Price Nationwide

Dangote Partners 3 Petrol Stations, Announces New Price Nationwide

Economy, Business, News Flash, Oil & Gas
Dangote Partners 3 Petrol Stations, Announces New Price Nationwide Dangote Refinery has assured Nigerians that three of its partners will sell petrol for ₦970 per litre nationwide despite the company’s recent increase in the ex-depot price of petrol. A spokesman for the refinery Anthony Chiejina said the recent adjustment in the company’s ex-depot price “is directly related to the significant increase in global crude oil prices”. In a statement on Sunday, Chiejina said, “While we have made a 5% adjustment to our ex-depot price from N899.50 to N950 per litre, it is important to note that this increase is considerably…
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Jan
20
2025
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By Abia ThinkTank
Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours

Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours

Abia State, CBN/Commercial Banking, Economy, Foreign Affairs, Information Technology, Politics
Trump’s Cryptocurrency $TRUMP Meme Coin Skyrockets From $1.5 To $70 In 48 Hours The $TRUMP meme coin, launched by US President-elect Donald Trump on Friday with an initial price of $1.5, has seen a remarkable surge in value. The coin launched three days to his inauguration as the 47th President of the United States of America, boomed to as high as $70 on Sunday within two days. Trump launched his own cryptocurrency on Friday ahead of his takeover of office from President Joe Biden. By Sunday morning, the meme coin, $Trump, had quickly soared in market capitalization to $14.1 billion…
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Jan
19
2025
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By Abia ThinkTank
The Ariaria Market Trade Laboratory: A Hub For Entrepreneurial Innovation – By Dr. Chukwuemeka Ifegwu Eke

The Ariaria Market Trade Laboratory: A Hub For Entrepreneurial Innovation – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance
The Ariaria Market Trade Laboratory: A Hub for Entrepreneurial Innovation A trade laboratory facilitates collaboration and knowledge-sharing among traders and artisans, leading to new ideas and innovations. It also provides access to new markets and customers, both locally and internationally. According to the Ariaria International Market Traders Association, an estimated 50% of traders introduce new products or services within the past year. The Ariaria Market Trade Laboratory is a dynamic and interactive environment where entrepreneurs, traders, and artisans come together to experiment, innovate, and test new ideas, products, and services. With over 30,000 traders and artisans operating in the market,…
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Jan
18
2025
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By Abia ThinkTank
Otti, Other Governors Issue Communique After Sub-national Consultation And Engagement With The Presidential Tax Reform Committee

Otti, Other Governors Issue Communique After Sub-national Consultation And Engagement With The Presidential Tax Reform Committee

Abia State, Economy, FGN, Good Governance
GOV OTTI, OTHERS ISSUES A COMMUNIQUE AFTER A SUBNATIONAL CONSULTATION AND ENGAGEMENT WITH THE PRESIDENTIAL TAX REFORM COMMITTEE The Nigeria Governors' Forum (NGF), has released a communique on the Presidential Tax Reform Bill proposed by President Ahmed Bola Tinubu, CGFR. The communique was released after a subnational consultation with the Presidential Committee on Tax Reforms. The Abia State Governor, Dr. Alex Chioma Otti, OFR, was represented by his Deputy, Engr. Ikechukwu Lekwachi Emetu, FNSE. The communique read thus: "We, members of the Nigeria Governors’ Forum (NGF) andpresidential tax reform committee, convened on the 16th of January2025 to deliberate on critical…
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Jan
18
2025
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By Abia ThinkTank
FG, States, LGAs Share N1.424 Trillion December 2024 FAAC Revenue

FG, States, LGAs Share N1.424 Trillion December 2024 FAAC Revenue

Abuja, Economy, FGN, News Flash
FG, States, LGAs Share ₦1.424 Trillion December 2024 FAAC Revenue A total sum of ₦1.424 trillion, being December 2024 Federation Accounts Revenue, has been shared among the Federal Government, States and Local Government Councils. The revenue was shared at the January 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja. The Director of Press and Public Relations, Office of the Accountant General of the Federation (OAGF), Bawa Mokwa, disclosed this in a statement on Friday. The ₦1.424 trillion total distributable revenue comprised distributable statutory revenue of ₦386.124 billion, distributable Value Added Tax (VAT) revenue of ₦604.872 billion, Electronic Money…
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Jan
18
2025
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By Abia ThinkTank
Another Transformative Opportunity As Abia State Hosts A Refinery… – By Dr. Chukwuemeka Ifegwu Eke

Another Transformative Opportunity As Abia State Hosts A Refinery… – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance, Oil & Gas
Abia State hosts a refinery… The prospect of Abia State hosting a refinery presents a transformative opportunity for the region, poised to catapult the state into a hub of industrial activity and economic growth. With the potential to generate significant revenue, create thousands of jobs, and stimulate local economic development, a refinery in Abia State could be a game-changer for the local economy, positioning the state as a key player in Nigeria's oil and gas industry. Economic BenefitsHosting a refinery in Abia State could have a significant impact on the state's economy. According to a study by the Nigerian National…
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Jan
15
2025
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By Abia ThinkTank
CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN Fines Nine Banks N150m Each For ATM Cash Shortages

CBN/Commercial Banking, Economy, News Flash
CBN Fines Nine Banks N150m Each For ATM Cash Shortages The Central Bank of Nigeria (CBN) has sanctioned nine Deposit Money Banks with fines totalling N1.35bn for failing to ensure cash availability via Automated Teller Machines during the festive season. Each of the banks was fined N150m following spot checks that revealed non-compliance with the apex bank’s cash distribution guidelines. The affected banks include Fidelity Bank Plc, First Bank Plc, Keystone Bank Plc, Union Bank Plc, Globus Bank Plc, Providus Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and Sterling Bank Plc. The fines will be directly debited…
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Jan
10
2025
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By Abia ThinkTank
US Moves To Return $53 Million Linked To Diezani

US Moves To Return $53 Million Linked To Diezani

Crime, Economy, News Flash
US Moves To Return $53 Million Linked To Diezani The United States Government and the Federal Republic of Nigeria have signed a memorandum of understanding to repatriate the sum of $53 million stolen funds to Nigeria. The funds were part of funds of the Galactica asset linked to former Minister of Petroleum, Diezani Alison-Madueke. Speaking during the signing, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN) said the agreement provides that $50 million of the funds, which is about N77 billion, will be used to fund rural electrification project to increase the reliability and availability…
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Jan
10
2025
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By Abia ThinkTank
CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN Halts Extension Of Export Proceeds Repatriation For Exporters

CBN/Commercial Banking, Economy, News Flash
CBN Halts Extension Of Export Proceeds Repatriation For Exporters The Central Bank of Nigeria (CBN) has issued a circular announcing the immediate suspension of approvals for the extension of export proceeds repatriation on behalf of exporters. Dated January 8, 2025, the directive applies to both oil and non-oil export transactions, marking a significant policy shift aimed at ensuring compliance with existing regulations. The circular was signed by Dr W.J. Kanya, the acting Director of the CBN’s Trade & Exchange Department and released on Thursday. Key provisions of the circularIn the circular titled “Suspension of Extension of Export Proceeds on Behalf…
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Jan
10
2025
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By Abia ThinkTank
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement

Crime, Economy, Judiciary, News Flash, Politics
Money Laundering: Chief Of Staff Implicates El-Rufai In Confessional Statement Alhaji Muhammad Bashir Sa’idu, former Chief of Staff to Malam Nasir El-Rufai, has implicated his former principal in a confessional statement related to an ongoing money laundering case against him. It will be recalled that the Chief Magistrate Court in Rigasa remanded Sa’idu at the Kaduna Correctional Centre following his arrest and arraignment by security agencies on 31 December 2024. The charges against the former Chief of Staff allege that he sold $45 million in hard currency belonging to the Kaduna State Government—equivalent to ₦18,450,000,000—at the significantly undervalued rate of…
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